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, what he said is if we go over the fiscal cliff, the economy will drop into a recession and the fed does not have the ability to stop that. now the question is, what if we do not hold the fiscal cliff but some of the other things that are being talked about, like the president's plan, what would happen then? the president's plan to raise taxes on high income individuals, cutting deductions for high income individuals, raising the corporate tax rate read a long list of that sort. eliminating the payroll tax holiday. that would take about 2% out of the gdp next year. we are struggling to reach 2%. as we would basically be on the edge of an economic downturn we are sure to go into a recession if we go over the cliff and don't turn it around quickly. but even if we don't, if we have something like the obama plan, we could easily slide into recession. it is not nearly as much is going over the fiscal cliff, but it basically would offset the very weak growth, less than 2% growth that we are having right now. >> you agree with the estimate of gdp growth for 2013? again, ben bernanke, they are v
got slammed along with everything else as people became worried about the economy as the fiscal cliff loomed closer and closer. beyond that, ross stores has been a victim of expectations. i always say guidance is more important, expectations is is more important. when the company reported a week and a half ago on november 15th, investors were expecting them to -- why? because this company always beats and then always raises. >> house of pleasure. >> but they gave disappointing guidance the fourth quarter. plus some analysts worry the company's same-store sales have now decelerated for two quarters in a row. these are legitimate worries. however, after this quarter that many considered to be disappointing -- [ crying ] ross stores only sold off another point and a half and since then rebounded back where it was before it reported. there's only so far it could fall on a not so hot quarter at least. as for the worries about decelerating same store sales, i think they're overblown. the company was up against difficult comparisons and 6.5% increase in same-store sales. we don't have a lot
a different economy versus last year. people are still worried about unemployment and the fiscal cliff. is that impact's people's to -- proclivity to spend money? >> we are in week one of the holiday season. we will have to let the season play out. as you said in your opening, this is the longest holiday purchasing with 33 days between thanksgiving and christmas. it is true, consumers will traditionally spread their purchases out more. the bigger trend is how people are purchase ing. younger shoppers shopping later at night are more social and connected and the shoppers that are kind of driving this trend of my stuff, my place, my time. we see some of the technologies and capabilities we're providing whether multichannel or retail tech tolgss the ability to let the retailer shop when they want to shop. the same shopper that may come out at 7:00 or 8:00 on thanksgiving evening is probably also browsing on their ipad or their tablet over thanksgiving dinner. the world has changed and seeing where they are going to go shopping. it is an integrated approach to the season and way too early
the markets moved in tandem for the fiscal cliff. up more midweek. the markets continued to climb on friday. stunning accusations that one of america's iconic companies hewlett-packard which acquired autonomy last year for $11 billion is accusing autonomy of what it called serious improprieties in its bookkeeping and inflating its own value. meg witman says the company lied about how much it was worth. >> we believe there's a willful effort on the part of certain members of autonomy management to mislead shareholders when they were a publicly held companies and mislead buyers including hp and we stand by the forensic review we have seen. as you know, we have turned it over to the fcc. >> we are shocked. we have been pretty ambushed by this today. first we heard about it was a press release and we refute them. they are factually incorrect. we'd like to learn more about them. i'm afraid the details haven't been shared with us. >> reporter: autonomy ceo said the company followed normal accounting practices. hp took an $8.8 billion charge this quarter. the stock has lost 50% in 2012. >>> they a
obama term in office? the economy, the fiscal cliff talks, the president's priorities in the next four years. our roundtable is here. david brooks of "the new york times." msnbc's reverend al sharpton. former ceo of hewlett-packard carly fiorina >> historian and film maker ken burns. and nbc chief foreign affairs correspondent andrea mitchell. and we'll here from representative gregory meeks this morning as we check in on some of the hardest-hit victims of hurricane sandy and see how they offered thanks this weekend while surrounded by destruction. >>> from nbc news in washington, the world's longest-running television program, this is "meet the press." with david gregory. >>> president obama doing his part for the economy over the weekend out holiday shopping as part of small business saturday, picking up several children's book at an independent bookstore iypÑarlington. >>> meanwhile, uncertainty in the middle east. more clashes in egypt over the weekend as police use tear gas this morning to disburse protesters in cairo. i want to start there. we have "new york times" columnist dav
. then where does america stand on the verge of a second obama term in office? the economy, the fiscal cliff talks, the president's priorities in the next four years. our roundtable is here. david brooks of "the new york times." msnbc's reverend al sharpton. former ceo of hewlett-packard carly fiorina >> historian and film maker ken burns. and nbc chief foreign affairs correspondent andrea mitchell. and we'll here from representative gregory meeks this morning as we check in on some of the hardest-hit victims of hurricane sandy and see how they offered thanks this weekend while surrounded by destruction. >>> from nbc news in washington, the world's longest-running television program, this is "meet the press." with david gregory. >>> president obama doing his part for the economy over the weekend out holiday shopping as part of small business saturday, picking up several children's book at an independent bookstore iypÑarlington. >>> meanwhile, uncertainty in the middle east. more clashes in egypt over the weekend as police use tear gas this morning to disburse protesters in cairo. i want to
saying this fiscal cliff is bad for the economy. let's work together now. president obama says no than thanks. this killed me. nothing changed since december of 2010. president obama talked about losing in the midterms and said the worst thing we can do is high inemployment and slow economic growth is raise taxes on anybody so support me in extension of the bush tax cu cuts. nothing has changed about the economy now but the economic growth projections are worse. this is not a great way to make good policy. >> kimberly: that is their campaign slogan. they don't make concessions. they have to do something serious about cutting back on spending. coming back in with the entitlement. without that, it won't make a difference if they raise taxe taxes. taking out the bush tax cuts won'tbe make it go away. >> eric: the food stamp recipients. the latest number. $47 million. more than alabama, connecticut, delaware. minnesota, nebraska. nevada. new hampshire. new mexico. north dakota, oklahoma, oregon, rhode island, south dakota, utah, vermont, west virginia and wyoming combined. populations of t
cautious, concerned about the economy and the gridlock in congress over the fiscal cliff. >> they're going to be pulling back a little because they don't know what to expect for 2013 and they want to remain cautious as we move forward into the next year. >> kristen dahlgren reporting. congress returns to work this weekend, stim facing that so-called fiscal cliff. if a deal can't be reached by january 1st, americans would face half a trillion dollars more than in taxes next year. that's coupled with $100 billion in cuts to domestic and defense spending. since the reagan era, most republicans have pledged not to raise taxes. but as nbc's mike viqueira reports, there are some signs of flexibility on both sides of the aisle. >> reporter: it's a pledge almost all republicans have signed, to oppose tax increases of any kind. that once solid wall was showing cracks. >>> the pledge you saw 18 years ago, 20 years ago was for that congress. the world has changed and the economic situation is different. >> reporter: but republicans insist in return for defying party doctrine, democrats must agree to
fiscal cliff, the largest fiscal cliff, which according to our own analysis would throw the economy to the recession -- i do not believe the fed has the tools to offset that. that is why i believe it is important for the congress to address these fiscal issues soon and in a bipartisan way, a way that achieves the necessary long-term sustainability concerns the value of talk about recently, but also takes into -- i know you have talked about recently, but also takes into account how much strain will be experiencing in the next six months to a year from fiscal changes. fromt's have a question the audience. >> you talk about the uncertainty of businesses because of all the things he mentioned. that is impacting decisions on investment. how much growth has been lost because of that, do you anticipate? >> it is neither here nor there, but when i was a graduate student 30 years ago i wrote my dissertation on the question of how uncertainty effects investment spending. i concluded it is not a good thing. [laughter] they gave me a ph.d. for that. [laughter] so it seems pretty clear -- one o
on the economy, the fiscal cliff. but today we have some very specific answers to very interesting questions. cnn's political editor paul steinhauser joins me live. first of all, paul, are people paying attention to the fiscal cliff? >> it seems they are. look at this, a cnn national poll out this morning. and we asked, what will the effect be on the country if it goes over the fiscal cliff? nearly 7 in 10 say major problems for the country, maybe even a crisis, with only about 3 in 10 saying minor and no problems. and john, personally, three quarters tell us they think their pocket books will be affected if the country falls off the fiscal cliff. >> we've heard both sides fighting. what do americans say they want to see in the deal? >> they want compromise, and what do they specifically want? look at these numbers. two-thirds say they want spending cuts, and some tax increases combined. only about 3 in 10 say just spending cuts. and john, it's interesting. when we asked just republicans that same question, slight majority said, yes, spending cuts and tax increases. >> interesting. do people thin
's sandy and what's the real economy and after that figure off the fiscal cliff. >> all of that feeds into what you were saying, bill, expect a lot of volatility. the sandy effect will make it harder to decipher what's going on with the economic data. >> and the economic data is going to be skewed by mother nature, by politicians, a lot of things. you need a longer view, more than four weeks -- >> what's your view right now? >> cautious. but have you to be invested. you can't sit on the sidelines earning zero thinking you're going to accomplish anything. the one-year treasury at a quarter of a percent doesn't work for me. there's lots of opportunities out there and it gets back to focus, having a steady hand, ice in your veins and no one to buy. volatility could be good for an investor with a strong stomach and a strong will. >> but i think when you say words like cautious, sometimes -- i agree with bill with what he's saying but i think using a word like cautious overstates it. have you to go in here, go on the offense and use these dips to start buying. i don't think people need to
. >>> if lawmakers do not act to save the economy from falling off the fiscal cliff, $490 million would be cut from the centers for disease control and prevention's national breast and cervical cancer early detection program. which would result in over 33,000 fewer women screened for breast and cervical cancer. [ male announcer ] trading's like a high-speed train. and you don't want to miss it with thinkorswim by td ameritrade. you get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, plus anytime you need it support. ♪ stocks, options, futures, and forex. get your trading on track. thinkorswim by td ameritrade. trade commission free for 60 days, plus get up to $600 when you open an account. >>> lawmakers, their bellies full, are returning to washington after the thanksgiving break. the senate officially returns to work in 45 minutes. congressional leaders expected to meet with the president again this week as they try to rise above and come up with a deal to avert the fiscal cliff. on january 1st, of course, we would run off the cliff unless action
in congress over the fiscal cliff. >> they're going to be pulling back a little because they don't know what to expect for 2013, and they want to remain cautious as we move forward into the next year. >> that was kristen dahlgren reporting. speaking of, congress returns from the holiday this week, still facing that so-called fiscal cliff. if a deal can't be reached by january 1st, americans would face half a trillion dollars more in taxes next year, coupled with $100 billion in cuts to domestic and defense spending. now, since the reagan era, most republicans have pledged not to raise taxes. as mike viqueira reports, there are signs of flexibility on both sides of the aisle. >> reporter: it's a pledge almost all republicans have signed. to oppose tax increases of any kind. that once solid wall was showing crass. >> the pledge you signed 20 years ago, 18 years ago is for that congress. the world has changed, and the economic situation is different. >> reporter: but republicans insist in return for defying party doctrine, democrats must agree that changes in social security and medicare. >> i
the fiscal cliff is not a fiscal cliff. i think it's a slope. i don't think it's going to ruin the economy if it happens over time, but the reality -- the problem is we don't want to cut tax de ww wwe -- we don't want t taxes or increase spending in the middle of an economic downturn. you've got do it where you expect it. the whole fiscal cliff conversation is an acknowledgement that the stimulus actually worked. what we're saying is we don't want to cut the deficit too fast. now when it comes to the fiscal deficit -- >> i want to transition you to the other hot topic that we've been following. it's senator john mccain and his stance or lack thereof now against ambassador susan rice. let me play what he said earlier. i believe it was november 14th and his new line of words, i guess, regarding her possible nomination for secretary of state. let me play it back to back. >> we will do whatever's necessary to block the nomination that's within our power as far as susan rice is concerned. >> she could conceivably get your voros for secretary of state? >> i think she deserves the ability and opp
cliff. it's not going to kill the economy any worse. how does the president work his will here? how does he get to the kind of compromise that david cody wants and other ceos, while still saying i've won this election and i need to drive things in the direction i think is best? >> i think he's got to govern by the commitments made during the campaign. and i think he will. this is about fairness. why do we need to deal with the tax on the rich first? because we must assure americans we are dealing with fairness. we keep talking about shared sacrifice. there was not shared wealth and shared prosperity. so you're asking people that didn't enjoy the good times to share in paying for the tab that they never enjoyed. so i think that when we first deal with the taxes, as you raised in your first point, and then go from there talking about how we deal with entitlements and all, you have a fairer environment to govern from. but you can't put it all on seniors and poor people and people of color. >> you know during the campaign, the president said there would be $2.50 of spending cuts for every do
on the market driving prices higher, but the looming fiscal cliff. what will it do to the economy, tipping it over. flat earnings growth. tracy: that comes back to the consumer, and the consumer being nervous, that is how the bottom line is affected. >> it is partially the consumer. this has been a subpar recovery. the consumer has done more than their fair share, growing activity at a healthy pace. there are issues that give you pause for next year. most of which on the fiscal cliff, also have how is the financial sector going to respond? more bank lending next year or less given the uncertainty? tracy: a lot coming down the pike. dodd-frank, uncertainty in texas. nicole petallides mentioned it, still incomplete disarray. said i will do whatever it takes, still can't seem to get a deal out of there, can we? >> europe is in a recession. thewe will do everything in ther power and has come up with their own version of quantitative easing. bernanke has done qe3, so do everything they can to underpin growth, but bernanke himself has admitted his tools are basically powerless if we go over the
couldn't get over it, you say we overestimated the importance of the fiscal cliff? how is that possible? the average family will have a pretty $500 tax hike if this thing goes through. if we fail to do anything at all this could mean things like an economy killer and market bust. why are you so he enamored of fiscal cliff? >> i don't think that $3,500 hit to the average family is going to happen. i think there will be a deal struck here, each side is going to have to give a little bit. my take on the fiscal cliff is the notion that is definitely in everybody's had affecting holiday spending but becoming its don't issue. we are blowing it up -- is like the debt ceiling talks we had last year. these all became issues because we made some issues. net net is no good long-term effects for the economy. gerri: you picked up something interesting out of ben bernanke at statement about banks being too tight with their lending. what did you make of that? >> it is very interesting because ben bernanke is talking about the unwillingness of banks to lend more noncredit were the people and the proble
out there and the fiscal cliff being a big one. they want the economy to do better and i think the american people as a whole are hoping this is the christmas that turns it around and if they can be part of that i think they will be. >> can i add something to that? i think this is an important point. as much as we all want to get the debt under control and we must, i think to keep the economy edging forward like it appears to be is part of the reason why a short team deal is not a bad idea. take the alternative minimum tax. if the inflation index isn't advanced for that and i believe republicans and democrats want to do it, 23 million middle class americans will have a 2,000 to 3,000 dollars tax increase on that alone. >> let me interrupt you for a second. i was making this point a little earlier when you start talking about these financial things, you know, the i don't want so say minutia but the more specifics of the negotiations and what the numbers mean and the two different sides will tell you that the numbers are different, it is kind of hard for the average person on who
are terrible. unemployment is awful. the economy is terrible. europe is falling apart. the fiscal cliff as everyone terrified. the market is scary. how can people be out there spending more than last year? >> pent-up demand. we have been coming every year, hearing about one negative thing after another since the 2008 banking crisis. it has been terrible. people are ready to move on. melissa: they don't just get used to spending less? >> people who are rational. but the average guy out there is broke and is probably always going to be broke. there is nothing hard wired and us to be prudent. we go out and spend everything that we have. and then some. and you do have -- even though unemployment is high. we have more people in the work force to more people working in a year ago. that helps move us down the line a low bid. melissa: okay. thank you for coming on. great information. so there are plenty of ways to get fired. what about not getting a flu shot? one employer is terminating scores of workers. is it even legal? the details are next. i have been fired, not for a flu shot. plus, green
the economy, the fiscal cliff. now that the election is over, we're here with mark. we're going to give all your information later, but if i say your name and company, people are going to know where we are. we're not going to give that. you run a marketing company and a branding firm. how has your business gone now that the election is over and as we head toward the fiscal cliff? >> well, our business has been robust and continues to be robust. so far, it hasn't been impacted at all. we're actually looking forward to a pretty good 2013. >> are your clients saying, hey, mark, i want to give you more business, but i'm worried about this fiscal cliff thing. i'm worried about taxes, worried about the economy. are you hearing that at all? >> well, we haven't heard specifically from our clients. and we handle a lot of global brand brands. but i have heard it from other ceos in the region. they're tapping the brakes and not investing to the degree they would have. >> the big companies would hire you to do branding and marketing for them, but do you have to -- are you planning to adjust your tax st
if we were to do it. >> the republicans are being confronted in the fiscal cliff negotiations about the no new taxes pledge, which of them signed. now lawmakers are pushing back. >> # $16 trillion in debt the only pledge we should make to each other is to avoid becoming brief. republicans should put revenue on the table. he agrees with grover norquist that the tax rates shouldn't be increased and says norquist is wrong capping deductions to buy down the debt. >> graham has been saying raising taxes to give politicians more money to continue spending doesn't solve any problem at all. it's not a piece of solving the problem. >> allowing tax cuts to expire generate average of $82.4 billion a year and would run the government for 8.5 days. the reality is similar to what romney laid out in the campaign. my plan is bring down rates and deductions at the same time so revenue stays in. we bring down rates to get people working. >> they are meeting with ceos, caterpillar and goldman sachs and other key players on the fiscal issues. erskine bowles, coauthor of the simpson-bowles plan, they wa
cliff and, more broadly speaking, address our long term fiscal challenges and how the economy creates jobs. we need to get this done and that is what we're working on. >> one more? >> olivier, alexis, april. >> you have said repeatedly "we" have expressed concerns? >> i would refer to the state department. >> were you for warrant that mr. mursi was going to do this? -- were you forewarned mr. morsi was going to do this? >> these are separate issues. we have raised our concerns and that, i think in party answers your question. secretary clinton is focused on working with the president down others, prime minister netanyahu, to help bring about a ceasefire and other allies can be saved and the possibility of moving forward on negotiations for more enduring peace could be realized. that was very important. the president played a very important role in that. separately, we have raised concerns about some of the decisions and declarations made on november 22nd and we continue to engage on this with the egyptians. the important thing is that the egyptian people want a government that reflect
. with level evidence of progress in striking a deal to avoid " the fiscal cliff. >> the series a tax increases and spending cuts set to go into effect next year would dramatically alter the economy. but the the joins reports. >> we must get an agreement. --athena jones.. >> this is not a done deal or a certainty if congress does nothing which they're pretty good about these days. we will go over the fiscal cliff. >> staffers have a working behind the scenes to find common ground to avoid cuts that should be concerning for everyone. >> they should be worried if we have a defense job or if we are dependent on others of the federal budget. the regulation of our food safety, and our borders being secure. or fbi. >> the sticking point is what to do about taxes. the democrats want to raise taxes for the wealthy and republicans to not. the anti-tax crusader had gotten a majority of the " law makers to pledge not to support any effort to raise taxes. >> i'm willing to recorgenerate revenue. where is below but i will not raise tax rates to do it i will cap deductions, and violates the pledge, long stor
, the focus turns back to the u.s. economy now the fiscal cliff talks are looking more promising and the election is behind us. new reports this week on the housing market, manufacturing sector and consumer data. also the second estimate for third quarter gdp comes out on thursday. the broadest gauge of the health of the economy and economists think that number is going to show better growth than we saw, 2.8% down from 2.2% that they had thought earlier. the fiscal cliff being, you know, something that really helped the stock market last week. >> i would imagine. >> don't screw up. >> please, congress, don't mess this up. let's take a live look this morning at the capitol dome where congress is back to work this week. s fiscal cliff staring them in the face. 35 days, we go right over that cliff or right down that slide or whatever the metaphor is we're using today. politicians on both sides of the aisle are now signaling that they're willing to compromise. that includes republicans who've been softening their stance on raising taxes. senator dick durbin, democrat from illinois, w
the fiscal cliff. >> we'll talk more about that in the next hour. also still to come, how much will you have to fork over to buy your true love all the items in the famous 12 days of christmas song? we'll break down the am christmas price index. plus you have to be in to win it. power ball jackpot has jumped to a record $425 million for wednesday's drawing. the top prize depends of course how many people buy the $2 tickets. power ball is available in 40 u.s. states and washington, d.c. earlier this year, the mega millions lottery reached a record $656 million. so let us know what you would do. there's a one in 176 million chance of winning. e-mail us. john has written into say i would purchase the spanish formula one teammate and a cancer radio unit. a good idea. if you've got any thoughts, e-mail us worldwide@cnbc.com. at cnbc weks or direct to m me, @rosswestgate. >>> after the break, a ble to the one group pushing mosts for a session. we'll have the latest from barcelona. and we'll show you where we stand with european stocks at the moment. and after good gains last week, just slightly so
are drawn for a showdown, a fiscal cliff hanger. that uncertainty is putting a damper on the shopping season that could be helping the economy. brian moore, nbc news, washington. >>> former hp executive and republican political activist says the nation's wealthy need to know they will need to pay more. >> taxing the wealthy is not a process of addressing our great opportunities and challenges. so, as uncommon as it is for republicans to say we will put revenue on the table and i think john boehner was crystal clear that revenue is on the table. the president needs to say here's my grand vision. >> she says the president should focus on addressing the issues that would jump start small business and encourage entrepreneurs. >>> the nhl lockout turned ten weeks old and business s are hurting. many bars and restaurants rely on customers that come in on game days. on friday the nhl announced the cancellation of games through december 14th. henry's high life is one of the businesses starting to feel the pinch. >> the gooim nights the games would be scheduled tuesdays and thursdays, business is dow
leader summit last week says that the looming fiscal cliff is already impacting his business. >> right now i'm not that bullish at all. in fact i'd say there's a great uncertainly that's just hanging over the entire economy because we're not confident that our guys can govern anymore. people like me just aren't hiring because we're not confident they can do it. >> well, the white house echoed that concern this morning. a new report says failing to act on the president's plan for middle class americans would freeze the economic recovery. obama's plan includes lower taxes on the first $250,000 earned by every american and tweaking the alternative minimum tax. the white house report estimates that consumer spending would fall by $200 million. now that's more than three times what consumers spent just over this entire holiday weekend. there could be a drag on a range of industries from cars and housing to restaurants and supermarkets, if congress can't reach a deal. and look, pocketbook issues are not the only problem here. carl levin, the democratic senator and chair of the armed services
be if there is in compromise and we end up going off that so-called fiscal cliff. then there would be a sharp cut in government spending pushing the economy into recession, raising the unemployment rate and that could push home values right back down. >> the white house released that study earlier in the day saying if we were to go over the fiscal cliff, it could reduce economic growth next year by 1.7%, which is significant. >> there is a lot of reasons for both sides here to compromise because it's something that i think no one wants to see us go back into recession. the economy, whether you look at home values, home sales, it's just coming back. and now to go over to recession again because they can't reach a deal, that would be a really big problem. >> the president and jrn john boehner, hopefully will get it done. >>> i'll ask kevin mccarthy, the majority whip, how far his party will go on raising taxes, limiting deductions, cutting spending to make a deal to avoid the fiscal cliff. ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain reli
is chugging along, uninspiring but growing 2%, to go over the fiscal cliff which means for that period when we're over the fiscal cliff, contracting, that suggests that multiples come down probably as much as 10%. in addition you're likely to see drop in earnings estimates as well. some real risk if we go over the cliff. >> a lot. >> michael, you're not as concerned about the impact of the fiscal cliff on the markets. why? >> first of all, i don't think we'll go over the cliff. i think it's a lower probability we will not rather than we will. here's where i think you need to position a portfolio strategy. i don't think the market is priced in if we go over the cliff. what you need to do is be in risk assets, if this makes sense, more defense risk assets. dividend payers, technology, even overseas, emerging markets. china looks like it's finally starting to recover because the bottom line is, even if we don't go over the fiscal cliff, we'll still have a very, very slow growth environment for a period of time. you have to hedge both sides. don't get too optimistic but don't escape from the marke
the economy from the full brunt of the current fiscal tightening built into law, the so-called fiscal cliff. the realization of all the automatic tax increases and spending cuts that make up the fiscal cliff absent offsetting changes would pose a substantial threat to recovery. indeed, by the reckoning of the congressional budget office, and that of many outside observers, a fiscal shock of that size would send the economy toppling back into recession. second, early in the new year it will be necessary to approved an increase in the federal debt limit. the threat of default in the summer of 2011 fueled economic uncertainty and badly damaged confidence even though an agreement was ultimately reached. a failure to reach a timely agreement this time around could impose even heavier economic and financial costs. as policy makers face these critical decisions, they should keep two decisions in mind. first, the federal budget is on an unsustainable path. the budget deficit, which peaked in 2009, is expected to narrow further in the coming years as the economy continues to recover. however, the cb
from heading over that fiscal cliff we've been talking so much about. welcome to the second hour of "happening now" i'm jenna lee. stpho: i'm jon scott. once again the competent edges closer to the cliff. last time lawmakers punted the can down the road. now there might be enough political pressure on both sides to reach some kind of compromise. house majority leader eric cantor telling fox news earlier that everyone wants a deal otherwise come january 1st taxes go up for everybody. >> we don't think that raising tax rates is something that is good for this economy, that will help grow jobs. and so when we have said is there are ways for the federal government to have more revenue if we grow this economy and engage in tax reform, that is the proposal we've got on the table. jon: the white house today adding more pressure, warning all the uncertainty could hurt consumer confidence, adding yet another dragon an ailing economy. several high profile senators making it clear on the sunday talk shows that taxes remain a key issue. >> i'm willing to generate revenue it's fair to ask my
to save and people aren't spending when we need them to spend, so going over the fiscal cliff without a barrel, it would be a disaster and people that talk about we could do it and it wouldn't be a bad idea, it would be a terrible idea and we would be back in recession, consumers wouldn't spend. big mistake. >> chris: we have less than a minute left. if we get a deal and it's a solid deal, how much of a boost would it be to the markets? how much pentup demand? how much would you capital that's been sitting on the sidelines? i'm asking what's the upside here? >> i think there's cash sitting on the sideline. we've seen increase in flows into the money market funds so you assume there's cash waiting to be be employed -- deployed. we want to have you make sure your burn doesn't exceed your earn. make sure whatever you earn out of your portfolio or paycheck doesn't exceed your capacity to earn. >> chris: we have to leave it there. mr. sweeney, mr. shay, thank you both. thanks for talking with us this holiday week and maybe our leaders will give us a christmas present and pull us back from
history. but do you interpret this -- all of the drama around the fiscal cliff to be really, a total lack of faith? heresy in front of the growth model demonstrate as you point out, over the past two years, they are really saying, this economy can't grow fast enough to support the government. we won't see revenue increase unless we raise taxes. >> that is absolutely correct. but, of course, the perverse thing is you don't get growth if you raise tax rates. and, california and several to the states, the top rate is approaching 50%, effectively with a 50% top rate. and, business has as much incentive to fire somebody, to lower costs, as to hire somebody to increase revenues. >> lou: we have a contemporaneous pareexperiment g on, in california bringing tax levels above 50%, the nation, right now, getting rea to move higher are we going to see california behave that's cas th in the coal mine, if you will when it comes to economic growth and the ability to support an ever-growing government. >> yes, people are fleeing california. california is a microcosm of what happens to countries that rais
consumers on the one hand-- and they account for 70% of the economy-- but they're feeling fairly good about things. whereas businesses are not, and businesses tend to be more worried about things like the fiscal cliff, they're more worried about the troubles in europe, they're more worried about the slowdown in china. you do have the disconnect. the big concern is which way is it going to go? who is going to win this tug-of-war? so far it's the consumer but let's hope it's not the other direction because as i said, let's hope that the businesses will eventually come around to thinking about things the way consumers are. . >> brown: nancy cohen, i want to come back to you on the question of online shopping and the changed landscape. does the rise of online shopping have a real impact on the economy or is it sort of shifting, transferring, where people buy their things? >> well, that's a very open question, partly because this is so new. the marriage and the magic of online plus brickes and mortar. i mean, there's no question people are visiting online web sites more often than they do stores
from the holidays to try a pullback from the fiscal cliff. some republicans, they are now abandoning their new higher taxes pledge. let's get to it. >>> just an hour or so, the senate is going to reconvene after taking a break for thanksgiving. it's the lame-duck session, as we know, but lawmakers got plenty to do. not much time to do it. congress and the white house have just 36 days to reach a budget deal to prevent falling offer the so-called fiscal cliff. if not, it would trigger more than $500 billion in automatic spending cuts and tax hikes. >>> a series of tax increases and spending cuts that could do damage to the economy. they also sounded warnings. >> we can and must get an agreement. otherwise, i think, first of all, the markets are going to start reacting. >> it's not a done deal, and it's not a certainty. if congress does nothing, which congress has gotten pretty good at doing these days, we'll go over the fiscal cliff. >> staffers have been working behind the scenes to find common ground to prevent across the board cuts lawmakers say should concern everyone. >> you shou
. >> grow this economy and engage in tax reform. >> simplify the code. >> ywhen you get divorced, thats what happens. ♪ >> welcome back after the thanksgiving holiday and all eyes are on the fast approaching fiscal cliff with republicans possibly maybe looking to make a deal. with the deadline now just 36 days away, some top republicans suggest they could, shock, horror, break with their sacred pledge to grover norquist. >> i'm not obligated on the pledge i made tennesseans aware is just elected that the only thing i'm honoring is the oath that i take when i serve when i'm sworn in this january. >> there's a lot that has been said about this pledge, and i will tell you when i go to the constituents that have elected -- re-elected me, it is not about that pledge. it really is about trying to solve problems. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece, but i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> sounds great, doesn't it? only one problem, th
of the reasons is, this feeling that they're talking about the fiscal cliff, that's something that can be resolved and it puts the focus again back on what's happening in the u.s. economy. what's happening in the u.s. economy? it slowly is healing job market is starting to filter into sentiment. and the housing market is showing some notable signs of improvement. this week we're going to hear more on the housing market. manufacturing sector, also some consumer data. we're going to get some fed regional reports from the federal reserve. also going to get a gauge of gdp, gross domestic product. gdp is the broadest gauge of economic growth. prior quarter was something like 2%, not great. we think that maybe they're going to think this quarter was more like 2.8%, which would show, again, that healing in the market overall. a quick focus for you on the housing market. this is something you probably felt most directly. in part because we have record low mortgage rates. last year the 30-year fixed fell to 3.31%. the 15-year fixed, this is the popular refinancing tool, 2.63%. many of you are t
have an interesting thought process about the fiscal cliff. you say that's a bad analogy, that it's really more like a garden, but what i want to know, if our economy is like a garden, if we get to january 1st and we don't have a deal is that the equivalent to releasing aphids into the garden or what happens? >> no, i don't think so. i object to the explanation of how the economy works and the image that's been created by this krisical cliff discussion is that of a car headed for this cliff and the only driver that can save us is washington. they got to steer us away and i think that's a wrong way to look at an economy. it's more like a garden and what do i mean by guarden? there's no single group at the top that can manage that garden in a top-down fashion. it will be organic, bottom up and there are things they can do to harm things, releasing the aphids wouldn't be good but the real problem is, i was eavesdropping on that discussion in the prior segment, all the discussion about what's expiring, what possible tax plans could be, could they just kick this out into mid 2013? that
warnings from the white house about the so-called fiscal cliff. a new report claiming this a failure to extend the tax cuts for middle class families could have a negative impact on the economy that could outweigh the gains from black friday and cyber monday sales. that is a big concern as we head into the final quarter here of 2012. welcome after thanksgiving weekend to a brand-new hour of "america's newsroom." i'm martha maccallum. >> i'm bill hemmer. hope you had a great holiday, everybody, and you as well with your family. more republicans say they will consider closing certain loopholes in order to raise revenues if democrats compromise on some of the big issues. have a listen. >> to do this i want entitlement reforms. republicans always put revenue on the table, democrats always promise to cut spending. we never cut spending. i'm looking for more revenue for entitlement reform before the end of the year. martha: how do you get that rev few? that is the big question here folks. doug mcelway joins me live from the white house with more on this. it sounds like the white house repo
. ram. >>> the countdown is on. 36 takes until we reach the so-called fiscal cliff. can the president and congress get a deal done? it all depends on working together. a lesson learned by hostage negotiators, high-profile attorneys, and yes, kids on the playground. here's cnn's kyung lah. >> we cannot afford to extend the bush tax cuts for the wealthy. >> 700,000 jobs would be destroyed. >> reporter: two sides, ground into their positions. but they can meet in the middle. just ask tough negotiators outside the beltway. >> i'm the negotiator who knows how to deal with bad guys. >> reporter: he's not talking about politicians. but crooks. literally. trimarco was the fbi's negotiator in high-profile bank who is tamg standoffs. he says he peacefully freed dozens of hostages during his 20 years with the agency. he negotiated seemingly impossible deals and says he never lost a life. you have to plan for everything going wrong as a negotiator. >> yeah. you've got to be ready for it. and to deal with it. and you've got to be flexible. >> reporter: but not too flexible. the lawyer for hollywoo
and consumers. it states if congress fails to avert the fiscal cliff, taxes would rise by $2,200 for 98% of americans. the president wants democrats and republicans to agree on renewing tax cuts to give families and business morse certainty about the economy. but he wants those with incomes over $250,000 a year to pay a little more in taxes as we all know. which has been a sticking point with the gop. but now some republican lawmakers who earlier pledged to not vote for anything with a tax increase now appear ready to relink wish that pledge in order to avoid the looping fiscal crisis. >> i would be very much opposed to raising tax rates, but i do believe we can close a lot of loopholes. >> they have to go up either real tax rates or effective tax rates. there is ways of doing that. secondly, though, we've got to close significant loopholes. >> bottom line, getting back to the report, the president is asking congress it act now specs tend the tax cuts for the middle class. they say the holiday season is not a time to threaten middle class pocketbooks. back to you. >> steve: thanks very
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